NZ stocks: Market nudged up despite technical problems

The sharemarket nudged up again today despite a number of stocks being out of action due to a technical hitch.

The benchmark NZSX-50 gross index rose 16.45 points, or 0.66 per cent to 2494.58, while the NZSX-40 capital index was up 12.92 points or 0.57 per cent at 2280.73.

A number of stocks were placed on trading halts for much of the day due to problems with a network connection between the sharemarket operator NZX, and the Ashburton-based share registrar BK Registries.

The connection failed before the market opened this morning and prevented a number of generally small stocks being traded until mid-afternoon today.

Technical glitches aside it was another fairly steady day on the sharemarket.

Andrew Kelleher of ASB Securities said its was not a bad day, but added "If you take Telecom out of it and we are running at a very light day."

Telecom finished up 9c at 573c on turnover worth $18.7 million. Total turnover for the day was $59.6 million.

Of the 146 stocks traded there were 64 rises and 41 falls.

Fisher & Paykel Appliances had some good turnover on the back of lifting its fully year profit forecast to between $80 million and $85 million. The result will be announced on May 20.

F&P Appliances rose 38 cents or 9.5 per cent to close at 438c.

"It's just stormed away on the day. The market obviously likes it," Mr Kelleher said.

Contact lost some ground today after announcing it would pay $10.75 million to settle a series of linked disputes arising from its purchase of Empower over three years ago.

Contact slipped 8c to close at 510c.

Richmond shares rose 10c to 260c despite a ruling from the Privy Council overnight which declined the Bell Group of Richmond shareholders leave to appeal an Appeal Court ruling against majority shareholder PPCS.

The Privy Council also refused leave for GPG to appeal the Appeal Court court's decision on Perry Corp involving its disclosure of its Rubicon stake.

GPG rose 3c to 202c, while Rubicon was unchanged at 75 cents.

Other stocks on the move included: The Warehouse down 2c at 440c, Sky Network TV up 7c at 524c, AMP down 12c at 580c, Carter Holt Harvey down 1c at 204c, Cavalier up 5c at 505c, Fletcher Building up 3c at 419c, Michael Hill Jeweller up 3c at 514c, Turners Auction up 8c at 414c, Port of Auckland up 5c at 710c and Steel & Tube Holdings up 4c at 387c.

- NZPA